Wednesday, October 19, 2005

BillG talks about economics and inheritance

Fortune.comhas an interview with Bill Gates and Warren Buffet. Some key quotes:

GATES: It's too bad that economics isn't taught or a hobby for lots of people, because you do run into those who seem to say, 'There's only a certain number of jobs.' That's not the case. Let's say tomorrow we could decide that everyone in India is as rich as we are. Would the world be a better place? Certainly. Would the U.S. thrive more because of the great products and work that would be done over there? Absolutely. The world getting richer is a great thing. It has been a great thing. It will continue to be.

BUFFETT:It's interesting that the same people who talk about the terrible cycle of dependency that welfare brings will then hand their kids when they emerge from the womb a lifetime supply of food stamps. But some poor woman who's had two pregnancies by the time she's 17, they say, Oh, this is terrible to give her anything.